Summer is finally here, and I don’t know about you, but I’m ready to soak up every minute of sunshine we get!
However, let’s face it – summer is expensive.
Especially for those of us who live in North America and Europe. We live in the cold for most of the year, so it’s natural that we spend less during that time, but during summer we are outside more, which means we spend more.
That patio season adds up QUICK.
Between the rooftop drinks, weekend road trips, and all those summer festivals, your bank account can take a serious hit before you even realize what’s happening.
So, it’s important to be realistic about and actually reframe your thinking so that you can enjoy summer, but still be smart with your money.
I’m not here to tell you to skip your summer fun (trust me, after a Toronto winter, we DESERVE this). Instead, I want to share some practical ways to make sure you’re living it up without the financial hangover come September.
Here’s your summer money game plan:
1. It’s okay to adjust your spending during summer
Your budget is not something that’s set in stone and needs to be the same throughout the entire year. It is a living document – it can be changed!
So, add a fun, summer, or outside category to your budget. Then ask yourself: What am I spending less on right now that I can reallocate?
For example, you might not be watching as much Netflix or using certain subscriptions while you’re out and about. Cut those off for now and reallocate that money to a summer fund or whatever brings you joy in the warmer months.
I personally cut back on my streaming services during summer (who’s sitting inside watching Netflix when it’s 25 degrees and sunny?) and put that money toward my “summer adventures” fund instead.
In case you’re feeling extra smart about your money this summer, be sure to check out my video on the “Safest investment ever” below 👇
If you want to grow your money without the stress, this is your best bet. You can put away some of what you save from those free summer activities!
2. Track WHILE you spend, not AFTER you spend
One of the biggest things I preach is budgeting weekly. I update my budget every week so I can actually see how much I’m spending – instead of waiting until the end of the month when it’s too late.
This is especially important in the summer when travel and spontaneous plans can throw you off.
Make time for money dates with yourself. Sit down, look at where your money’s going, and adjust as needed.
Let’s say you have a $1,000 vacation budget and you’ve already spent $800 by day 3. That might be totally fine if it’s a 3-day trip. However, if it’s a 7-day trip and you’ve spent 80% of your budget in the first half, then that’s your cue to slow down a bit.
Checking in while you’re spending lets you adjust before things get out of hand.
If you want to see how I do my weekly money dates, then check out my Instagram video where I walk through my exact process here.
Taking 15 minutes each Sunday (or a day whenever you’re free) to check in with your finances can save you from that dreaded “how did I spend SO much?”moment.
And if you’re looking for more tips on making adult life easier (and more affordable), don’t miss my latest YouTube video on “Easiest ways to invest”. I break down how to start investing without the confusion:
3. Remember that free fun is still fun!
You don’t have to always spend money in order to have fun. You can plan for free fun as well.
Picnics, hiking, local events, and beach days are more cost-effective than always paying to attend a concert, for example.
Especially in Toronto, there are tons of free events happening all summer long. You can take advantage of free outdoor movie screenings, park concerts, and community festivals that cost you absolutely nothing except maybe a TTC fare.
You deserve to enjoy your summer without feeling stressed when fall rolls around.
Give yourself permission to have fun, but also be intentional. Your money goals don’t have to take a back seat just because the sun’s out.
| Until next time, |
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